How to Build Inflation-Proof Real Estate Strategies with Jose Pellicer, Co-Founder and Partner at Evonite

The episode opens with a stark picture of the 2025 fundraising environment. Rising interest rates in 2023 left many closed‑ended funds out‑of‑the‑money, delaying asset dispositions and choking the flow of capital back to investors. As a result, half of the typical annual deployment now relies on retained earnings, which have been scarce. Competing asset classes—particularly infrastructure projects like data centers and the surge in real‑estate debt, especially from Korean investors—are crowding out traditional equity opportunities. European markets show divergent dynamics: the UK and Ireland repriced quickly, while Germany’s valuation system moves sluggishly, trapping liquidity in gated funds.

Against this backdrop, Jose Pellicer frames the conversation in macro‑economic terms. He warns that the long‑standing dominance of the U.S. dollar as a reserve currency is under scrutiny, prompting central banks to hedge with gold. Simultaneously, democratic backsliding and trade restrictions create new inflationary pressures through reduced global supply chains, tighter immigration, and limited capital flows. Governments, burdened by high debt, may favor inflation as the easiest balance‑sheet fix. For real‑estate investors, the twin pillars of resilience and inflation protection become essential. Necessity‑retail properties—food‑anchored neighborhood centers—stand out because tenant revenues rise with consumer price indices, allowing landlords to pass inflation directly to occupiers.

The final segment highlights regulatory risk, especially rent‑control measures that can erode multifamily returns. Real‑world examples from Barcelona and New York illustrate how sudden policy shifts can devastate underwriting assumptions. Pellicer advises focusing on asset classes with limited vacancy and strong demand elasticity, such as necessity retail, while remaining vigilant about emerging rent‑control legislation worldwide. Looking ahead to 2026, Evanite plans to target mispriced opportunities in resilient sectors, leveraging investor appetite for bold, inflation‑hedged strategies amid an uncertain global order.